Compare 30-year refinance rates
Find and compare the current 30-year mortgage refinance rates available in your area. A 30-year fixed-rate mortgage allows you refinance a home with affordable monthly payments.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
On Thursday, January 20th, 2022, the average APR on a 30-year fixed-rate mortgage rose 3 basis points to 3.638%. The average APR on a 15-year fixed-rate mortgage rose 4 basis points to 2.814% and the average APR for a 5/1 adjustable-rate mortgage (ARM) rose 14 basis points to 3.097%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 17 basis points higher than one week ago and 66 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||4.125%||5.027%|
|30-year fixed-rate VA||3.043%||3.337%|
How do I find today’s 30-year mortgage refinance rates?
NerdWallet's mortgage rate tool can help you find competitive, customized 30-year mortgage refinance rates. In the filters above, enter a few details about the loan you want. In moments, you'll get a rate quote tailored to meet your needs. From there, you can start the process of getting approved for your 30-year fixed mortgage refinance.
A 30-year fixed-rate mortgage is the most common term of mortgage — and suitable for refinancing, too. It provides the security of a fixed principal and interest payment, and the flexibility to afford a larger mortgage loan because, spread out over three decades, the payments are more affordable.
How do I view personalized 30-year refinance rates?
To start, enter the property's ZIP code and choose the refinancing mode. After clicking "Get Started," you'll be asked the home's value, your current loan balance, and the range of your credit score. No personal information is required.
Shop refinance rates all you want, anytime. When you find a few lenders who seem to be most competitive, you can begin the process of seeking a preapproval.
Why should I compare 30-year fixed mortgage refinance rates?
When you can compare current 30-year refi interest rates you’re letting local and national lenders compete for your business. Even a small difference in rates adds up over time. For example, a 2018 survey by Freddie Mac found that comparing lenders saved borrowers an average of 0.17% on their interest rate. That may not sound like much, but over a 30-year loan, you’d be saving thousands of dollars in interest.
What is a good 30-year fixed mortgage refinance rate?
A 30-year fixed-rate refinance gives you a new home loan that maintains its interest rate and monthly principal-and-interest payment over the 30-year loan period. When refinancing, a good rate is the lowest rate you can get.
Since your refinance rate is most directly impacted by your credit score and payment history, you’ll want to make sure your credit reports are accurate. Getting a lower interest rate could save you hundreds of dollars a year — and thousands of dollars over the life of the mortgage.
The more lenders you check out when shopping for mortgage rates, the more likely you are to get a lower interest rate for your refinance. When you compare refinancing offers using the Loan Estimates you receive from lenders, you’ll feel confident when you identify the offer that has the best combination of rate and fees.
The 30-year fixed isn't your only refinancing option. The 15-year fixed loan is common among refinancers. Adjustable-rate mortgages have low monthly payments during the first few years of the loan, making them popular for high-dollar refinancing.
» MORE: Calculate your refinance savings
Will 30-year refinance rates drop?
Average 30-year mortgage rates fluctuate daily and are influenced by the economy, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. See NerdWallet’s mortgage interest rates forecast to get our take.
What are the pros and cons of a 30-year fixed refinance?
While the 30-year fixed mortgage is the most popular type of home loan, a 30-year refinance term isn’t for everyone. Here are some benefits and drawbacks to the 30-year fixed refinance:
Lower payments. Because they’re spread out over 30 years, the monthly payments on a 30-year fixed refinance are lower than for loans with shorter terms.
Flexibility. You're welcome to make the minimum monthly payment. But if you want to shrink your debt faster, you can make larger extra payments or extra ones. When you don't have spare money hanging around, you can go back to making the minimum monthly payments.
Predictability. Because it's a fixed rate, the monthly principal and interest payments are the same over the life of the loan. Keep in mind that the payments include taxes and insurance, which can go up and even sometimes go down.
Bigger loan. The monthly payments on a 30-year loan are smaller than on a shorter loan (such as 20 or 15 years), so you may be able to borrow more.
Higher interest rate. Because the lender is tying up its money longer, the interest rate on 30-year fixed mortgage refinance is higher than on, say, a 15-year loan.
More interest overall. You pay more interest over the life of a 30-year refi because you make more payments.
You risk borrowing too much. A 30-year loan lets you borrow more, which could tempt you into taking out a loan that's too big. You might afford the monthly payments, but lack money for vacations, dining out, new cars and other discretionary spending.
How are mortgage refinance rates set?
At a high level, mortgage rates are determined by economic forces that influence the bond market. You can't do anything about that, but it's worth knowing: bad economic or global political worries can move mortgage refinance rates lower. Good news can push rates higher.
What you can control are your payment history and your credit score. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan.
So their base mortgage rate, computed with a profit margin aligned with the bond market, is adjusted higher or lower for each refinance they offer. Higher mortgage rates for higher risk; lower rates for less perceived risk.
So the better your payment history and the higher your credit score, generally the lower your 30-year refinance rate.
» MORE: Get your credit score for free
What’s the difference between interest rate and APR?
The interest rate is the percentage that the lender charges for borrowing the money. The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. The APR calculation includes fees and discount points, along with the interest rate.
APR is a tool used to compare loan refinance offers, even if they have different interest rates, fees and discount points.
A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. You, the borrower, pay for it.
For a refinance, lenders usually require mortgage insurance on loans with less than 20% equity. If your home's value has increased while you've paid down the loan principal, you may have 20% or more equity in your home.
All the more reason to refi: reducing your monthly payment by getting rid of mortgage insurance.
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